The Arizona Corporation Commission has imposed a $10,000 administrative penalty on Dean Douglas Odle and MCM AF Assets LLC, which operates under the name “Milan Capital,” for violating the Securities Act. Odle, an Arizona resident, controls Milan Capital, a limited liability company registered in Wyoming. Neither Odle nor Milan Capital is registered as a securities dealer or salesman or licensed as an investment advisor in Arizona.
According to the Commission, starting in September 2025, Odle advertised investment opportunities on Craigslist involving “After Foreclosure Assets.” These assets refer to surplus funds generated when properties are sold at foreclosure auctions for more than what is owed to mortgage lenders. The advertisements claimed that these investments were safe and secure and promised annual returns of over 50%, sometimes reaching 80%. Additionally, it was falsely stated that Milan Capital had not defaulted on any investment during more than three years of business operations, even though the company had only been established a few months earlier.
The Commission determined that Odle and Milan Capital violated the Arizona Securities Act by offering unregistered securities within or from Arizona without proper registration as dealers or salesmen. The Commission also found that they made false statements and omitted key information about the risks involved with these unregistered securities.
As part of its decision, the Commission ordered Odle and Milan Capital—along with their agents, employees, successors, and assigns—to permanently cease and desist from further violations of the Securities Act. They must also pay $10,000 in administrative penalties.
Documents related to this case can be accessed through the ACC’s online docket by entering Docket no. S-21371A-25-0231 at https://edocket.azcc.gov. For additional questions about this matter, individuals can contact the Investigator on Duty at the Arizona Corporation Commission’s Securities Division by calling 602-542-0662 or emailing SecuritiesDiv@azcc.gov.
